New York’s minimum coverage is already pretty extensive, but to get full-coverage insurance, you’ll need to add on collision and comprehensive coverage. We’ve also thrown in a few add-ons that you may want to consider too.
What if you cause an accident and your car needs to be repaired or replaced? Or, if you didn’t cause the accident, what if the at-fault party’s property damage liability coverage isn’t sufficient to cover your losses?
Meet collision insurance, which pays for your property damages regardless of fault. While it’s not required, we recommend collision coverage for all cars that are relatively new. If you need to use this coverage, you’ll pay a deductible, and then your insurance provider will cover the remainder of your car’s actual cash value or repair cost.
Comprehensive coverage similarly pays for your property damages, but for causes other than collisions, such as:
- Auto theft
- Inclement weather, like hail, hurricanes, tornadoes, sinkholes, etc.
We recommend getting comprehensive coverage, but not if you have an older car, as your insurance deductible may be not much less than your car’s market value.
Optional Basic Economic Loss
Optional basic economic loss (OBEL) is an add-on to PIP that would pay for expenses up to $25,000 for you, your passengers, family members, or any pedestrians injured in a car accident. The four options for OBEL coverage are as follows:
- Basic economic loss (healthcare costs, loss of earnings, or other necessary and reasonable expenses)
- Loss of earnings
- Physical or occupational therapy and rehabilitation or psychiatric care
- A combination of two and three
Supplemental Spousal Liability Coverage
Insurers must also offer you supplemental spousal liability (SSL) coverage, which would cover bodily injury coverage for your insured spouse and ensure they can sue for both economic and non-economic losses from a serious injury, like pain and suffering.
Rental Car Reimbursement
Second to Washington, D.C., New York has the lowest percentage of car commuters in the U.S. Only 55 percent of New Yorkers commute by personal car, while 17 percent take public transportation, 20 percent work from home, and the rest either walk, bicycle, motorcycle, take a taxi, or use other means.5
That said, 55 percent is still the majority, and if you’re in that majority, you’ll likely need a replacement car if yours is being repaired under a covered claim. With rental car reimbursement, your insurance company would give you money for a rental vehicle during the repair time.
Many insurance companies offer roadside assistance if you’re stuck on the side of the road and need lockout services, a tow, fuel delivery, or other services.